Does ApexCoin depend on Bitcoin? Based on the correlation analysis, BTC and APEX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price dynamics of both coins.
This coefficient may adjust from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient shows that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and ApexCoin connection is positively strong, it means that when BTC is growing APEX will rise as well. The negative strong relation will show that when BTC is growing APEX price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over ApexCoin. If we take all the factors affecting the price of APEX as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as media, events or crypto related laws.